Mr. Speaker, one of the dangers of denial is that we are going to see a brain drain from this country to our neighbour to the south. According to the TD Bank study that was released on May 21, Canada's top-skilled workers are leaving for the United States in droves for lower taxes and higher pay. It says, “Canada is not hollowing out; it is spilling out at the top” and “Absent progress on this front, Canada will continue to be a feeder system for the U.S. innovation economy.”
Statistics Canada confirms that in 2023 alone, 18,590 Canadian residents immigrated to the U.S. permanently, and a 2024 Bank of Canada study found that 40% of Canadians who would rank in the top 1% of earners have already left Canada for the United States. It also found that up to half of the top 2% to 10% of income earners have also already left.